PPI Reclaiming discussion Part II

marshallka

Tron_ess wrote: »

Advisors only have to offer alternative if they advise on alternative products. Notwithstanding Sales Practices - PPI is optional. Companies who only sell one PPI product, don't have to consider others as they can't advise on others. EPF (Endevour - part of HFC) were fined for PPI issues - largely due to the fact that they offered a single premium and regular premium product - but only offered Regular premium product to very small minority - even if this was the more suitable for the customer.
PS - Rule of 78 is not illegal on insurance premium refunds ... you need to consider that most companies were not offering rule of 78 on 100%...hence why the refunds are so poor. They basically start at anything from about 50% - then apply rule of 78 against that starting point! Get the picture. I recall Swift being one of the worst ... I think they started on something like Rule of 78 against 15% of the premium.

Tron_ess you have completely lost me here . I was on about rule of 78 applied to your settlement and then its used on the loan and PPI and the interest too. It works out most of time ifyou settle early that you owe more than you borrowed and its unfair. ALso when its applied to your PPI (as this is really a loan) then again its unfair.

Am i missing something here. When i settled the loan i had rule 78 used on the loan and PPI and then it was much higher to settle. If rule 78 was used just on the loan then the PPI rebate worked out using a fairer method then it would have been lower. I don't think rule 78 should be on both loan and PPI.

In fact i can see why rule 78 was abolished.

marshallka

Di, you are not going to have to deal with GIB are you???

di3004

Tron_ess this is the email sent to Click last week:


Monday 1 September 2008).


Dear Sirs

Account number:
Loan/PPI taken July 2004.

I have been going further into detail on my complaint regarding my complaint for the mis selling of my Payment Protection Insurance and although you have written and stated ‘this case is closed as there is nothing you can do’ I still remain concerned regarding your business practices and I intend to take my concerns to the relevant authorities.

I am well aware and completely understand the existing Click Financial is not the same as the previous company which ‘sold’ the PPI to me. However, I am also aware the same directors have continued with this new incarnation of Click Finance ltd. I have also seen evidence the same directors have been active with at least one since 2001 and is now the Managing Director at your company of Click Finance Limited.

I am writing to the authorities to inform them of this type of Phoenix Company as it appears to me you continue to start Companies and close them down in a deliberate attempt to avoid any liability for complaints being made against you. The relevant authorities include:

· the DTI,
· Companies House,
· the Financial Services Authority; and
· the Office of Fair Trading

Although you continue to state the case is closed can you confirm whether at any time in any iteration of your Companies you were ever regulated by GISC, I assume the directors of the company will be able to confirm this and I would appreciate it if you could get back to me to let me know.

In the meantime I have already made contact with some authorities and thought I should make you aware of this, and I now await their response.
I would appreciate this if you could reconsider due to the confusion on this issue.

I look forward to your response on this matter by email and/or hardcopy.

A hard copy of this email is in the post (recorded)


Yours sincerely

marshallka

Tron_ess wrote: »

All -

Re your issues with Companies like Freedom and Click (Brokers)... you need to establish:
who sold you the loan
who underwrites the loan
who sold / advised you on the insurance (if an advised sale)
who underwrites the insurance.

To advise/sell insurance in the uk - they must be regulated with FSA. Freedom Finance are indeed regulated. Basically if your complaint is about "how" the product was sold then it sits with the Broker.
If the complaint is about the product itself ('the what') then complaint normally to the insurance providers (normally the lender or lenders insurers).

Re Sec 75 claims - this does not cover the Broker/Lender/Insurer relationship as some here seem to be trying to ascertain. Unless the broker is also an appointed rep of the lender - then its the brokers responsibility to comply with their own regulated requirements. When dealing with Brokers - bare in mind that they are YOUR agents and owe you a fiduciary duty.

So a complaint with Firstplus about their own insurance regardless of who actually sold it is made to Firstplus themselves. This is about there not in proportion rebate if you cancel and it will be rule 78 used.

But then what does this come under with the jurisdiction of the FOS and what dates actually matter here. Is the sale date or the settlement date. ALso is it an insurance complaint or a consumer complaint under unfair terms.

Tron_ess

tomothomps wrote: »

Hi, i wrote a letter to Alliance and Leicester telling them that i was mis-sold PPI and that i want to cancel it. That was 8 weeks ago, i havent heard anything back from them and when i phoned up i was told i couldnt cancel it because i had arrears on my account. Does anyone know if this is true? Can anyone help, what should i do now?

Rubish!!!

Take it to FOS and kindly remind FOS that not only are you claiming re PPI but would like to point out that they (A&L) have breached the rules on handling customer Disputes (FSA DISP Handbook).

di3004

marshallka wrote: »

Di, you are not going to have to deal with GIB are you???

To be honest not certain on what to actually do now, because does that prove anything by an email addy from someone from Click who was then dealing with our loan that it was not dealt with in GIB ??
They always used to mention Click on the phone too when they answered or rang us and we do also recall the logo on their paperwork was that of Click Finance or Click loans ??:rolleyes: , we has to return all this then to Click in Farnham when we signed for this in 2004.

catinthehat1

Hi everyone - sorry can't come on here during day anymore - back to school!!! I've still had NO post - waiting for reply from FOS re FP - very interesting reading all your posts:o

di3004

This was the reply we received last Friday from Click Compliance guy.
To the above post I sent them.;)
But have heard nothing since.:rolleyes:

Dear Mr & Mrs

Thank you for your email and I am sorry for not replying to your earlier emails but I was hoping to let you have a response today. I regret that will not now be possible but I am sure a reply will be sent to you on Monday.

Many thanks for your patience.

Yours sincerely,


Compliance Manager.

Tron_ess

marshallka wrote: »

So a complaint with Firstplus about their own insurance regardless of who actually sold it is made to Firstplus themselves. This is about there not in proportion rebate if you cancel and it will be rule 78 used.

But then what does this come under with the jurisdiction of the FOS and what dates actually matter here. Is the sale date or the settlement date. ALso is it an insurance complaint or a consumer complaint under unfair terms.

Are you complaining about how sold - or the rebate?
If just the rebate then complain against FP as insurance complaint. Consider though that I understand FP have had some success on "rebate" complaints since policies taken in mid 2006 (I think they altered their terms). [FP insurance is actually provided by Barlcays Insurance - but complaint re FP]

If you complain about how sold then should go to the broker that advised you.

marshallka

catinthehat1 wrote: »

Hi everyone - sorry can't come on here during day anymore - back to school!!! I've still had NO post - waiting for reply from FOS re FP - very interesting reading all your posts:o

Hi catinthehat, I rang the FOS today and nothing to report.I think they need more staff to handle these complaints. Its going to be nearer the other side of christmas now i bet for ours. All i want to know is if the complaint is something they can look into. If not i will resubmit it again and again until it is. (LOL)